Car Recycling Market: Introduction
- Auto recycling comprises reusing refurbished parts and shredding and recycling car materials such as plastics, aluminum, and steel. End-of-life vehicles are dismantled in recycling plants to remove components and subsequently shredded in order to recover materials.
Key Drivers of Car Recycling Market
- Vehicles maintain a high recycle rate of 80%, automobiles are the most recycled consumer products worldwide, thus the car recycling market holds high potential globally. Governments across the globe, such as the U.S., have been active in levying high taxes on the import of virgin steel in order to maintain commodity prices and to boost material recycling. Thus, automakers are compelled to use recycled steel
- Recyclers associations and governments worldwide, such as Automotive Recyclers Association (ARA) and the U.S Environmental Protection Agency, are implementing sustainable practices to reduce the environmental impact. Automakers and auto parts manufacturers are compelled to use refurbished and recycled parts. Increased promotion of recycling and establishment of newer brands, such as Green Recycled Parts (GRP) by ARA, are projected to drive the global car recycling market during the forecast period.
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Based on material, plastics segment to expand significantly
- Currently, around 39 types of plastics and polymers are used in automobiles. Presence of a large variety of plastics and polymers poses a challenge to recycler with high process value. However, rising environmental standards worldwide and growing emphasis on recycling plastics is estimated to boost the recycling rate of plastics used in interiors, bumpers, and fuel tanks.
North America held a leading share of global car recycling market
- North America accounted for a leading share of the global car recycling market. Car recycling is a prominent billion dollar industry in the U.S employing more than 100,000 people. The U.S has the highest vehicle recycle rate globally and hence, held a leading share of the global car recycling market.
- Asia Pacific contributes significantly to the production of vehicles, in terms of volume; however, the car recycling rate in developing countries in the region is relatively low. Rise in awareness and active government initiatives to promote green business models is anticipated to drive the car recycling market in the region.
Key Players Operating in Car Recycling Market
The global car recycling market is expanding consistently, as a large number of players operate in the market. A few of the key players operating in the car recycling market are:
- Eco-bat Technologies
- Scholz Recycling GmbH
- Schnitzer Steel Industries, Inc.
- Sims Metal Management Limited
- Hensel Recycling Group
- Keiaisha Co., Ltd.
- Tianqi Automation Engineering Co., Ltd.
- LKQ Corporation
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Global Car Recycling Market: Research Scope
Global Car Recycling Market, by Material Type
Global Car Recycling Market, Parts
- Door Panels
- Gas Tanks
- Stereo & Infotainment Systems
- Engine & Transmission
- Wheels & Tires
- Starter & Alternator
- Wipers Systems
Global Car Recycling Market, by Toll Gate Type
- Magnetic Access Barrier
- Magnetic Highway Barrier
- Magnetic High-Speed Barrier
Global Car Recycling Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
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The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
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